The Serious Fraud Office is extending its support to New Zealand businesses wanting to build counter fraud and corruption awareness, capability and resilience, as more organisations are becoming vulnerable to insider threats.
The SFO’s Counter Fraud Centre has been offering free webinars to government agencies, drawing on insights and practical examples from real SFO cases – and will now open these to all businesses with a New Zealand business email address.
“Fraud and corruption can have a substantial impact on businesses, including cost, stress to staff and reputational damage,” SFO Director Karen Chang says.
“We know that when people are under pressure, the risk of an insider threat – someone who can cause harm to an organisation from within – can grow, with small, private companies particularly vulnerable.”
According to a recent global report by the Association of Certified Fraud Examiners (ACFE), private companies were victimised by the largest percentage of insider fraud, accounting for 44% of 2402 cases from 143 countries studied, with smaller organisations being the most vulnerable, followed by public companies and government.
The findings are backed by a recent NZ New Zealand Security Intelligence Service report, which says more insiders are causing harm to their organisations. The report said both public and private sector organisations in New Zealand are vulnerable to these threats, including theft of intellectual property, not following proper process, or misuse of assets.
“Very few employees become an insider threat, but they could do disproportionate damage to their organisations,” Ms Chang says. “It’s important to understand the risks and red flags. People may be led to commit fraud or corruption due to a series of pressures and events including financial stress, work dissatisfaction or job insecurity.
“We want to help businesses learn more about strong oversight and controls to detect and prevent fraud and corruption in their organisations.”
Upcoming webinars:
- Corruption 101 – September 22: This webinar explores what corruption looks like in practice, why people become involved, and where risk is highest across common operational areas. Participants will gain a practical, risk-based understanding of how to help strengthen an organisation’s defences.
- Fraud risks in procurement – October 15: In this webinar participants will learn about the various forms of fraud that can occur throughout the procurement lifecycle and see how taking a risk-based approach can help manage the risks.
To register visit: https://www.sfo.govt.nz/counter-fraud/workshops-and-webinars